External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>Lucky Cement (LUCK) announced its 1QFY26 result today, where the company recorded consolidated earnings of Rs21.99bn (EPS of Rs15.0) up by 23% YoY and 12% QoQ, in line with our expectations.</li><li>On consolidated basis, net revenue increased by 11% YoY and by 6% QoQ to Rs123.6bn. Increase in revenue on a YoY basis is due to higher revenue from Local Cement and Lucky Motors (in line with auto industry sales trend), we believe.</li><li>We maintain our BUY stance on LUCK which is currently trading at FY26E/27F PE of 6.9/5.8x respectively.</li></ul>

Lucky Cement (LUCK) announced its 1QFY26 result today, where the company recorded consolidated earnings of Rs21.99bn (EPS of Rs15.0) up by 23% YoY and 12% QoQ, in line with our expectations.On consolidated basis, net revenue increased by 11% YoY and by 6% QoQ to Rs123.6bn. Increase in revenue on a YoY basis is due to higher revenue from Local Cement and Lucky Motors (in line with auto industry sales trend), we believe.We maintain our BUY stance on LUCK which is currently trading at FY26E/27F PE of 6.9/5.8x respectively.

Lucky Cement (LUCK): 1QFY26 EPS At Rs15.0, Up By 23% YoY & 12% QoQ (Earnings In Line With Expectations)

<ul><li>Lucky Cement (LUCK) conducted FY25 analyst briefing today to discuss business performance and future outlook.</li><li>In addition to this, a battery energy system is installed to optimize the renewable energy sources with estimated payback period of this project is to be 4-5 years.</li><li>Average domestic retention prices in FY25 stood at Rs15.5-16.0k per ton for the company. To recall, that average export prices from Cement and Clinker stood at US$41/ton and US$31/ton in FY25.</li></ul>

Lucky Cement (LUCK) conducted FY25 analyst briefing today to discuss business performance and future outlook.In addition to this, a battery energy system is installed to optimize the renewable energy sources with estimated payback period of this project is to be 4-5 years.Average domestic retention prices in FY25 stood at Rs15.5-16.0k per ton for the company. To recall, that average export prices from Cement and Clinker stood at US$41/ton and US$31/ton in FY25.

Topline Flash Note: Lucky Cement (LUCK): Corporate Briefing Key Takeaways

<ul><li>Lucky Cement (LUCK) announced its 4QFY25 result today, where the company recorded consolidated earnings of Rs19.69bn (EPS of Rs13.41) up by 34% YoY, in line with our expectations.</li><li>Alongside the result, the company announced annual cash dividend of Rs4.0/share in 4QFY25, which was in line with the industry expectations.</li><li>On consol basis, net revenue increased by 12% YoY and by 8% QoQ to Rs116.8bn. Increase in revenue on a YoY basis is due to higher revenue from Local Cement and Lucky Motors (in line with auto industry sales trend), we believe.</li></ul>

Lucky Cement (LUCK) announced its 4QFY25 result today, where the company recorded consolidated earnings of Rs19.69bn (EPS of Rs13.41) up by 34% YoY, in line with our expectations.Alongside the result, the company announced annual cash dividend of Rs4.0/share in 4QFY25, which was in line with the industry expectations.On consol basis, net revenue increased by 12% YoY and by 8% QoQ to Rs116.8bn. Increase in revenue on a YoY basis is due to higher revenue from Local Cement and Lucky Motors (in line with auto industry sales trend), we believe.

Lucky Cement (LUCK): 4QFY25 EPS at Rs13.41, FY25 EPS at Rs52.53 (Earnings in Line with Expectations)

<ul>
<li>Lucky Cement announced its 3QFY25 result, reporting consolidated earnings of Rs17.95bn (EPS of Rs12.25), up 15% YoY but down 16% QoQ.</li>
<li>The result was below expectations due to lower-than-expected Gross Margins and Share of Profit from Associates.</li>
<li>No cash dividend was announced, which was in line with expectations.</li>
</ul>


Lucky Cement announced its 3QFY25 result, reporting consolidated earnings of Rs17.95bn (EPS of Rs12.25), up 15% YoY but down 16% QoQ.
The result was below expectations due to lower-than-expected Gross Margins and Share of Profit from Associates.
No cash dividend was announced, which was in line with expectations.


Lucky Cement (LUCK): 3QFY25 EPS at Rs12.25, up by 15% YoY (Earnings lower than expectations)

<ul><li>Lucky Cement (LUCK) announced its 2QFY25 result today, where the company recorded consolidated earnings of Rs21.44bn (EPS of Rs73.17), up by 22% YoY and 20% QoQ.</li><li>The result came higher than expectations due to higher-than-expected Gross Margins and Other Income.</li><li>Alongside the result, the company did not announce any cash dividend which was in-line with expectations.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Lucky Cement (LUCK) announced its 2QFY25 result today, where the company recorded consolidated earnings of Rs21.44bn (EPS of Rs73.17), up by 22% YoY and 20% QoQ.The result came higher than expectations due to higher-than-expected Gross Margins and Other Income.Alongside the result, the company did not announce any cash dividend which was in-line with expectations.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lucky Cement (LUCK): 2QFY25 EPS at Rs73.17, up by 22% YoY (Earnings higher than expectations)

Pakistan

Lucky Cement Limited manufactures and sells cement.  The Company's cement brands include Lucky Gold Brand, Lucky Brand, Lucky Star Brand. Lucky Cement's main plant site is located at the District Lucky Marwat in the North West Frontier province of Pakistan.

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Lucky Cement (LUCK PA)

Lucky Cement (LUCK): 1QFY26 EPS At Rs15.0, Up By 23% YoY & 12% QoQ (Earnings In Line With Expectations)

Lucky Cement (LUCK) announced its 1QFY26 result today, where the company recorded consolidated earnings of Rs21.99bn (EPS of Rs15.0) up by 23% YoY...

Topline Securities

Topline Flash Note: Lucky Cement (LUCK): Corporate Briefing Key Takeaways

Lucky Cement (LUCK) conducted FY25 analyst briefing today to discuss business performance and future outlook. In addition to this, a battery...

Topline Securities

Lucky Cement (LUCK): 4QFY25 EPS at Rs13.41, FY25 EPS at Rs52.53 (Earnings in Line with Expectations)

Lucky Cement (LUCK) announced its 4QFY25 result today, where the company recorded consolidated earnings of Rs19.69bn (EPS of Rs13.41) up by 34%...

Topline Securities

Lucky Cement (LUCK): 3QFY25 EPS at Rs12.25, up by 15% YoY (Earnings lower than expectations)

Lucky Cement announced its 3QFY25 result, reporting consolidated earnings of Rs17.95bn (EPS of Rs12.25), up 15% YoY but down 16% QoQ. The result...

Topline Securities

Lucky Cement (LUCK): 2QFY25 EPS at Rs73.17, up by 22% YoY (Earnings higher than expectations)

Lucky Cement (LUCK) announced its 2QFY25 result today, where the company recorded consolidated earnings of Rs21.44bn (EPS of Rs73.17), up by 22%...

Topline Securities

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